Illimity, the new banking start-up listed on Borsa Italiana's MTA exchange, announced a partnership with Raisin for online savings and investments in Europe.
Thanks to this partnership, illimity's deposit accounts will also be available on Raisin's open banking platform. It will offer term deposit accounts through various channels including WeltSparen, Raisin's proprietary deposit portal.
The partnership will consequently enable illimity to take its deposit account offer cross-border without having to set up a retail infrastructure of its own. As a result, the step will significantly extend and diversify the bank's retail funding, which will be supported in Europe by Raisin's open banking infrastructure and dedicated customer service.
illimity's domestic deposit account offer will be available by the end of the first half of the year, concurrent with the launch of its new digital direct bank.
Its cross-border deposit account offer through Raisin will initially be addressed to savers in Germany, and, upon authorisation country by country through the rest of the EU, will then gradually be extended to all the countries in which the platform operates.
The arrangement with Raisin is another partnership that illimity has entered with a fintech thereby confirming a wholly open banking approach. The concept is made possible by a modular platform that can always be updated and integrated using propriety and fintech systems, a potential that represents one of the bank's distinctive features.